Shares in Cenovus, Canadian Natural soar on Alberta crude production cuts

The plan marks the first time the provincial government has ordered a production cut since the 1980s, and that previous move was meant to protest federal energy policies, not exclusively to boost prices.

Notley's remarks reflected her frustration over what she thinks is inaction by federal government on getting Alberta crude to the west coast.

Shares in oilsands companies most likely to benefit from Alberta's move to curtail crude production starting January 1 are soaring in the wake of Sunday's announcement by Premier Rachel Notley.

In an announcement Sunday evening, Notley said the daily cuts will remain in place until the 35 million barrels of processed oil now in storage is shipped to market, likely by the spring.

Kenney said that not all of Saskatchewan's oil production would be affected.

Under the plan, oil production will be cut by 325,000 barrels per day until the surplus is depleted and then it will drop to 95,000 barrels a day.

"If we are going to solve this problem once and for all, the low price era must end. They had an opportunity early to do something and they didn't", said Mandel.

The move is expected to raise the price of Canadian crude by at least $4 per barrel and add around $1.1 billion to Alberta government revenues in 2019-2020.

"I want to be clear".

"We would hope that producers outside of Alberta would understand that they would need to be part of the solution in saving jobs". "We need them to step up and help us bring an end to this crisis".

The province also expects a deal in the works to purchase its own railcars to transport oil will help with the backlog next year. "That's one of the reasons why in the past week we've been giving away our oil".

She said the price gap that is forcing the government action is caused by the federal government's decades-long inability to build pipelines. About 35 million barrels is sitting in storage, and the oversupply results in the province's crude selling for around $10 a barrel, a fraction of what other world producers get. "We are looking at this in the short, medium and long-term and are confident that our actions will help reduce that differential and ensure that we keep Canada working". "Unfortunately, this intervention appears not to recognize the investment decisions companies have made to access higher value markets". However, Imperial and Husky said Friday they remain opposed to involuntary production cuts.

Both the UCP and Alberta Party say the cuts are in the best interest of Canada's economy. "I will never stop fighting for Alberta", she said.

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